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RBI allays fears on withdrawal of old notes

The Reserve Bank of India has clarified that people who have currency notes released before 2005, which were slated to be withdrawn from circulation, can exchange these notes at bank branches at their convenience. It said the move to withdraw these notes is to check fake notes in circulation and they will continue to be legal tender even after the July 2014 deadline. Public can exchange any number of these old series notes from the bank branches where they have their accounts, the central bank said, adding non-customers of a bank will have to furnish proof of identity and residence to the bank branch in which they want to exchange more than 10 pieces of Rs 500 and Rs 1,000 notes. Issuing the advisory on withdrawal of these banknotesthe RBI had said it has already been withdrawing these banknotes in a routine manner through banks and the volume of the banknotes printed prior to 2005 still in circulation is not significant enough to impact the general public in a large way.

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